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Published on 27/02/2020 10:27:30 AM | Source: Motilal Oswal Service Ltd

Sell Bata India Ltd For Target Rs. 1650 - Motilal Oswal

Posted in Broking Firm Views - Short Term Report| #Motilal Oswal #Quarterly Result #Bata India Ltd. #Trading Report

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Trading Calls

* Bata India has given a breakdown from a Rising Channel on daily chart and sustaining well below the same. Stock also closed below its support of 50 DEMA for third consecutive session, which doesn't bode well for the bulls. RSI oscillator also gave a trendline breakdown on daily scale and thus indicating further weakness in the counter.

* Looking at current chart structure, we are advising traders to trade with negative bias for a correction towards 1650 with a trailing stop-loss of 1725 (March Fut levels).

 

 

Recommendation

Sell Bata India Ltd SL 1725 Target 1650 CMP 1686

 

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